Reaction to departures seen as 'overdone'.(Stock focus: Univision Communications Inc. 'A' (NYSE--UVN))(Brief Article)
Multichannel News, January, 2005
When Univision Radio president MacHenry Tichenor resigned in early December, the company's stock did not fall "as expected," analyst David Joyce of JBHanauer & Co. noted in a research report. At the time (Dec. 15), Joyce was upgrading Univision, to "outperform," with a $37 price target.
Well, a week later (Dec. 22), the stock dipped after another executive departure--and Joyce was calling that an "overdone" response creating "an attractive entry point" for buyers.
The second departure was that of Univision executive VP of network sales and marketing Ron Furman, and the concern was over what that might say about future TV ad-sales growth. But Joyce said JBHanauer's opinion was the departures were not "fundamentally driven, and that business is...
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